MCX Aluminium daily chart technical analysis
MCX Aluminium future on last trading session closed at 105.1 flat. On daily chart, aluminium price trend and momentum both are down. Prices are trading below major averages with strong bearish signals from indicators.
For next week, aluminium resistance levels will be 106.5, which is its month average, and then 107.8, which is its 3-month average. On downside 104 and 101 are support zones as well as target levels. Traders below 108-rupee level on closing basis keep sell on rise view for this metal and expect lower targets. Fundamentally, china issue may continue to make pressure on metal prices.
MCX Aluminium weekly chart technical analysis
MCX Aluminium future this week tumbled by 1.5% and this was second losing week for aluminum prices. This week aluminium hit high at 107.85 while low was at 104.45. Total 3+ rupee price range or 35 volatility in week and closed with losses as fresh shorts makes pressure on prices.
On weekly chart, 109 is first resistance, which is also all major averages zone while above that 111 will be next major resistance. On downside, 104 and 100 are strong resistances as well as targets for medium to long terms if trend continues.